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The transition to large scale outsourcing among large and mid-sized companies has increased the dependency on cloud service providers, web hosting platforms, and other cloud services. As a result, cyber criminals may be able to breach multiple organizations across different industries through a single attack on a service provider. Today, insurance companies lack sufficient visibility into the level of concentration of third party cloud providers in their book of business. To successfully assess and mitigate this level of cyber risk aggregation insurers must identify areas of third party concentration in their portfolios, where a single breach of a compromised service provider could lead to dozens or hundreds of cyber claims.
BitSight Discover for Risk Aggregation reveals the level of reliance on a common set of service providers among all insureds within a portfolio. The solution enables insurance companies to manage cyber aggregate risk by identifying dependencies between their book of business and common service providers, pinpointing key areas that could significantly impact their portfolios. BitSight Discover for Risk Aggregation allows for rapid analysis, and its ease of use and comprehensive view of aggregation encourages well-informed decision-making at all levels of the business.
We’d love to show you how you can simplify your risk management and take charge of your cyber security with these intuitive and powerful solutions.Request Demo